We accepted shares of Best Buy (BBY) last week. I am recommending a call to sell against them today to reduce our cost basis.
If you were not in the previous position and want to sell a call today, be sure to buy 100 shares of the stock first for every call you plan to sell. And be aware that we will be tracking and managing the trade based on the ongoing position.
Current Stock Price: $107.13
Cost Basis: $116.90
Action: Sell to open the BBY Oct Week One (10/1) 110 Call for around $0.86
New Cost Basis: $116.04